City Office REIT, Inc.

your hands up before pressing the keys. To withdraw your question, please press star then T. As a reminder, this conference call is being recorded. If you require operator assistance, please press star then zero. It is now my pleasure to introduce you to Tony Maratic, the company's Chief Financial Officer, Treasurer, and Corporate Secretary. Thank you, Mr. Maratic. You may begin.

Good morning. Before we begin, I would like to direct you to our website at where you can view our third quarter earnings press release and supplemental information package. The earnings release and supplemental package both include a reconciliation of non-GAAP measures that will be discussed today to their most directly comparable GAAP financial measures. Certain statements made today that discuss the company's beliefs or expectations or that are not based on historical fact may constitute forelooking statements within the meaning of the federal securities laws. While the company believes that these expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that these expectations will be achieved. Please see the forward-looking statements disclaimer in our third quarter earnings press release and the company's filing for the SEC for factors that could cause material differences between forward-looking statements and actual results. The company undertakes no obligation to update any forward-looking statements that may be made in the course of this call. I'll review our financial results after Jamie Farrar Our chief executive officer discusses some of the quarter's operational highlights. I'll now turn the call over to Jamie.

Good morning. Throughout 2024, we've been highlighting the improving sentiment and leasing dynamics for the office industry. These trends continued to gather momentum in the third quarter. The total amount of office space available nationally declined in the third quarter. This was the first quarterly decline in available space since 2019. One of the significant drivers is the sharp reduction in new supply of office buildings. This has been coupled with four years of record-setting office building conversions, demolitions, and redevelopment. Over the four-year period since 2021, over 100 million square feet of office buildings have been removed from inventory according to JLL. While more is ultimately needed, these are favorable trends. Leasing conditions also continue to improve. The leasing activity nationally remains approximately 20% below pre-pandemic levels. The second and third quarters of 2024 were two of the best leasing quarters over the last five years. This has been aided by executives focusing on bringing employees back to the office on a more consistent basis. In JLL's third quarter office market report, They highlighted that the Sunbelt has experienced an outsized leasing recovery. This has been driven by corporate relocations and the lower cost and higher quality of life that Sunbelt markets offer. Office capital markets activity continues to be suppressed, largely driven by limited debt availability for the sector. However, we've started to see signs of improvement for quality and well-leased properties. Turning to our portfolio, we achieved healthy leasing activity during the quarter with 141,000 square feet of total leasing. Of this amount, 78,000 square feet represented new leases. After quarter end, we completed a full floor lease extension at our Block 83 property in Raleigh that was set to expire on November 1 of this year. We previously communicated that we were taking back one of WeWork's full floor spaces at Block 83, representing 28,000 square feet. A high profile enterprise client of WeWork that has been using the space requested to continue their occupancy through the end of calendar 2026. As a result, then we were on this floor for 26 months and increased the starting rent by approximately 6% to $42.50. We see this as a positive outcome, and it will result in the office component of Block 83 being 98% leased, when including signed leases that commence later in 2024. At Pima Center in Phoenix, we also signed two new leases for 26,000 square feet during the quarter, which will increase occupancy by 10% upon commencement. The renovations at Pima are now complete. The property has been transformed, and it is resulting in very good leasing traction on our remaining vacancies. Beyond Pima, we're also completing renovation projects at three other properties. These projects at 5090 in Phoenix, City Center in St. Petersburg, and 2525 McKinnon in Dallas should be concluded over the next few months. Mayor Mrakas, In total, we expect to spend approximately $10 million on these four renovations with approximately $6.4 million spent through September 30. Mayor Mrakas, In addition to the renovations we're evaluating a few other value enhancing opportunities within our portfolio. Mayor Mrakas, One opportunity we touched on last quarter is the potential redevelopment of our parking garage at city center in downtown St Petersburg into a residential and mixed use condo tower. In our October investor presentation, we've included some renderings of the condo building design from our recent site plan application. This potential redevelopment continues to advance through an approval process with the City of St. Petersburg. We are also advancing agreements with a very experienced developer to lead the project's execution. A redevelopment of city center remains subject to a number of conditions, some of which are beyond our control. will provide further updates on our progress on future calls. We are also pleased to report that our Florida portfolio weathered the two recent hurricanes extremely well. We have incredible operators on the ground in Florida, and they quickly had our buildings back online after the storms. We sincerely thank them for their dedication and how well they look after our tenants. Lastly, we updated our guidance expectation ranges. Specifically, we narrowed several ranges and increased both our expected year-end occupancy and same-store cash NOI change due to strong leasing results year-to-date. These developments will not only benefit our 2024 results, but are favorable tailwinds for 2025 and beyond. With that, I will turn the call over to Tony to discuss our financial results in more detail.